It is a sign of the times in America. The Business Roundtable which represents Wall St. and Corporate America recently came out with a plan to raise the Social Security and Medicare age to 70 for millions of Americans, cut current Social Security and veterans benefits, and increase taxes on working Americans. They were cheered on by just about every Republican politician in doing so on both the state and federal level. The only problem? At the same time these firms on Wall St. and in Corporate America were dodging billions of dollars in taxes.
That is why I call them the greediest and least patriotic among us. They feel no sense of duty to their country or their workers. In fact, they cannot wait to outsource more jobs to lower their tax rate even more. Well, at least for those of them who actually do pay taxes.
So today, Sen. Bernie Sanders and Rep. Jan Schakowsky introduced bills in the House and Senate respectfully to end this practice. It is called the Corporate Tax Fairness Act. With our budget deficit and national debt soaring it is legislation that is sorely needed.
Sanders spoke on his bill today:
Schankowsky added her take:
"Even as profits grow to record levels, corporations' share of tax revenues paid has dropped significantly in recent decades. Sen. Sanders and I are offering a comprehensive and commonsense solution that would eliminate tax subsidizes for big oil companies and corporations that are shipping jobs and profits overseas," Schakowsky said .
Labor leaders touted the bill because it would increase investment, wages and jobs right here in America:
The legislation "would increase investment, employment and wages in the United States," said Richard L. Trumka, president of the AFL-CIO. Mary Kay Henry, the Service Employees International Union president, said the proposal would "raise revenue, restore fairness to our tax code and create good jobs in the U.S."
Quite simply, this bill would put an end to Corporations dodging their responsibility to the country that made their profits possible, America:
Under the legislation proposed by Sanders and Schakowsky, corporations would pay U.S. taxes on their offshore profits as they are earned. The legislation would take away the tax incentives for corporations to move jobs offshore or to shift profits offshore because the U.S. would tax their profits no matter where they are generated.
This should be a no-brainer for Americans everywhere. Are we going to allow the very people that are dodging hundreds of billions of dollars in taxes along with their shills in Washington and on the state level to tell us that we must balance the budget on the backs of seniors, children and the poor as the good times roll on for them?
It is no surprise that these folks want to blame the most vulnerable among us for this nation's fiscal woes when they are the ones who crashed the economy and dodge their taxes. The only question is will we continue to let them or will we stand with true representatives of the American people like Sen. Sanders and Rep. Schakowski and demand accountability from those who have none and those who can afford it.
We should all write our Senators and Representatives and let them know that we stand for the Corporate Tax Fairness Act.